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In addition, the Malaysian economy contracted 5.6% for all of 2020, its worst performance since the 1998 Asian Financial Crisis. [ 6 ] The travel, hospitality and entertainment sectors were particularly hit hard by the COVID-19 pandemic but the ecommerce, technology and healthcare sectors thrived despite facing supply chain disruptions.
This included a New Economic Model, subsidy reforms, international free trade agreements and stimulus packages. However, in the later stages of his administration, Malaysia experienced an economic downturn and a depreciation of the Malaysian Ringgit due to the 1Malaysia Development Berhad scandal (1MDB).
From 3 May 2021, the Malaysian Government reimposed a two-week Movement Control Order in Johor, Kuala Lumpur, Penang, Sarawak, and Selangor in response to a spike in COVID-19 cases. Schools were closed and social and religious activities were banned. While some economic activities were allowed, eateries can only provide takeaway services. [115]
Malaysia is betting that potential economic growth from data centers justifies the risk. Once touted as an Asian tiger on the cusp of becoming rich, its industries shrunk in the late 1990s after ...
Agriculture is now a minor sector of the Malaysian economy, accounting for 7.1% of Malaysia's GDP in 2014 and employing 11.1% of Malaysia's labour force, contrasting with the 1960s when agriculture accounted for 37% of Malaysia's GDP and employed 66.2% of the labour force.
In February, Malaysia's home improvement retailer MR DIY distributed a total of 3.5 million free face masks nationwide to help curb the spread of the virus. [49] Further in March, Coway Malaysia donated a total of 100,000 pieces of surgical face masks to PDRM in an effort to help safeguard police personnel who are on the frontlines during the ...
APEC Malaysia 2020 was the year-long hosting of Asia-Pacific Economic Cooperation (APEC) meetings in Malaysia [1] [2] from December 2019 until November 2020. [3] Due to the COVID-19 pandemic , most of the meetings were held virtually , including the culminating Economic Leaders' Meeting.
The Twelfth Malaysia Plan (Malay: Rancangan Malaysia Kedua Belas), otherwise known as the 12th Malaysia Plan and abbreviated as "12MP", is a comprehensive blueprint prepared by the Economic Planning Unit (EPU) of the Prime Minister's Department (PMO) and the Ministry of Finance. [1]